But Williams is less impressed by the long-term prospects for the euro. He is concerned about a possible credit contraction in Europe, and if the U.S. economy slows down, as Thursday's retail sales figures suggest it might, "I think we could return to a euro trajectory that's headed lower," he says.

Euro Rises Against Dollar

The euro is rallying against the dollar on some positive comments from ECB president Mario Draghi. Willie Williams, of Societe General, discusses.

That's why Williams thinks the euro's move upward creates a nice opportunity to sell it against the Mexican peso.

He wants to enter the trade at 17.45 with a stop at 17.60 and a target of 17.00.